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Saturday, 13 October 2018

Economic Affairs Secretary Garg speaks about India's development at IMF meeting on Friday

Economic Affairs Secretary Garg speaks about India's development at IMF meeting on Friday

Economic Affairs Secretary SC Garg has said that the basic reforms made in areas such as taxation and debt collection are helping India cope with the fluctuations in the global market more easily than before. He said that this is the reason that despite all the challenges, India's growth rate has remained strong.

He expressed hope that the judicious steps being taken on the front of the policies will help to overcome the difficulties facing the financial pressures and boom in oil prices.

Garg said in the annual meeting of the International Monetary Fund (IMF) held in Bali, Indonesia, on Friday, that the changes in the field of digital technology are bringing more fundamental changes than the invention of steam engines.

Garg recently on the Human Capital Index (HCI) said, human capital needs to be constantly developed. He said that HCI uses the system of industrial age to measure the human capital position and production system of the digital age. A better system is required to measure the human capital of the digital age. World Bank has released Human Capital Index (HCI) for the first time on the basis of education and health. World Bank has placed India at 115th position in the list of 157 countries. The government has criticized this report while rejecting it. In the list, neighboring countries Bangladesh (106), Nepal (102) and Sri Lanka (74) have been placed above it. This index assumes the countries on the scale of children's survival, health and education scale.